Skip to content
srilawsby aturio
As enacted
Contents

Part XI · Micro Small Medium Enterprise (MSME) Company Debt Restructuring Arrangements

292. Duties of Personal Insolvency Administrator under MSME Company Debt Restructuring Arrangement

Official English translation. Where it differs from the Sinhala or Tamil text, the Act itself says which text prevails.

(1)

The duties of the personal insolvency administrator under a MSME Company Debt Restructuring

Arrangement include-

(a)

generally giving effect to the Arrangement;

(b)

dealing with the MSME debtor’s property in the manner specified in the Arrangement;

(c)

giving information about the administration of the Arrangement to the MSME debtor when the

MSME debtor makes a reasonable request for the information;

(d)

giving information about the administration of the Arrangement to a creditor who-

(i)

is a party to the Arrangement;

(ii)

makes a reasonable request for the information; and

(e)

giving information about the administration of the Arrangement to the Official Receiver.

(2)

The personal insolvency administrator shall not be reimbursed for expenses incurred in administering the

Arrangement unless those expenses are of a kind specified in the relevant proposal for an MSME Company Debt

Restructuring Arrangement.

(3)

The personal insolvency administrator shall maintain a separate bank account for receiving all monies paid by MSME debtors under the MSME Company Debt

Restructuring Arrangements, and shall not pay any money out of the account otherwise than-

(a)

for purposes related to the administration of

MSME

Company

Debt

Restructuring

Arrangements;

Rescue, Rehabilitation and Insolvency

(b)

in accordance with this Act; or

(c)

in accordance with a direction of the court.

(4)

The personal insolvency administrator shall transmit monies paid by MSME debtors under MSME Company

Debt Restructuring Arrangements to creditors in the agreed proportion on a timely basis.

(5)

The personal insolvency administrator shall maintain complete and accurate records of the account of monies received from the MSME debtor and the monies disbursed to creditors under a MSME Company Debt Settlement

Arrangement.

(6)

The personal insolvency administrator shall maintain regular contact with the MSME debtor and conduct a review of the MSME Company Debt Restructuring Arrangement-

(a)

at least once in every period of six months; and

(b)

at such other times as may be required by the circumstances of the operation of the

Arrangement.

(7)

Where the circumstances of the MSME debtor have changed in a material respect, the personal insolvency administrator, in consultation with the MSME debtor, shall give due consideration as to whether the procedure for varying the MSME Company Debt Restructuring

Arrangement under section 289 should be commenced.

Read on from s 293

Part XII

Read on from Part XII

Part XIII

Read on from Part XIII

Part XIV

Cross - Border Insolvency

Read on from Part XIV

Part XV

Read on from Part XV

Part XVI

Read on from Part XVI

Part XVII

Read on from Part XVII

Schedules